Chicago Mortgages

Problem Solver: Mortgage payment goes missing

Problem Solver: Mortgage payment goes missing

The first indication there was a problem was when Chris Taggart received an email alert from Bank of America saying his checking account was overdrawn.

A day earlier, June 24, the Chicago resident visited a Bank of America branch in Matteson to pay the monthly mortgage on a small commercial property. Taggart handed over $800 in cash and was given a receipt.

The cash payment should have had no effect on his Bank of America checking account. Taggart kept just $20 in there and did most of his business, including the withdrawal for the mortgage payment, through an account at Chase bank, he said.

He checked online and saw that, although he had paid the mortgage with cash,...